The Wall Street Journal-20080119-New York Times-s Golden Leaves International Herald Tribune Helm
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New York Times's Golden Leaves International Herald Tribune Helm
Michael Golden, publisher of the New York Times Co.'s International Herald Tribune for the past four years, is leaving that post to concentrate on his role as vice chairman of the company.
Stephen Dunbar-Johnson, executive vice president of the International Herald Tribune since 2006, will succeed Mr. Golden. Mr. Dunbar-Johnson, who has worked at the International Herald Tribune for 10 years, will report to Mr. Golden and Scott Heekin-Canedy, president and general manager of the New York Times.
Mr. Golden, 58 years old, is a member of the Ochs-Sulzberger family, one of the country's oldest newspaper dynasties and owner of the Times since 1896. Mr. Golden is a first cousin of Times Chairman Arthur Sulzberger Jr., and the second highest-ranking executive from the family in the company. As vice chairman, Mr. Golden is responsible for real estate, the company's foundation, and the International Herald Tribune, among other things. His new responsibilities will include assisting with the company's digital expansion, as well as research- and-development initiatives and acquisitions.
The New York Times Co., along with the rest of the newspaper industry, is under increasing pressures from falling circulation and shrinking advertising revenue. During the past year, the Times also faced restive shareholders, led by Morgan Stanley money manager Hassan Elmasry, who pushed for the company to overhaul its corporate governance. In October, Mr. Elmasry dumped his fund's 7.2% stake in New York Times, having decided the Times's board wasn't going to take the action he was seeking.
Shares of New York Times declined 15 cents, or 1%, to $14.89 as of 4 p.m. in New York Stock Exchange composite trading Friday, flirting with 11-year lows.
The company in October reported a 6.7% rise in third-quarter profit, thanks to a surge in national advertising. The company reported rough going in most major ad categories.
Mr. Golden became publisher of the International Herald Tribune in 2003. His previous posts include vice president for operations development, executive vice president and publisher at the company's Tennis magazine, and executive vice president and general manager of the company's Women's Publishing Division.
